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The Building Society Special Administration (England and Wales) Rules 2010

Type Statutory-Instrument

Publication 2010-10-20

Last updated 2026-09-09

State In force

Department Statute Law Database

Source legislation.gov.uk

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These Rules set out the procedure for the building society special administration process under Part 3 of the Banking Act 2009 (c.1), as applied in relation to building societies by the Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805).

Reform history JSON API

Rule 1 in force at 15.11.2010, see rule 2

Rule 2 in force at 15.11.2010, see rule 2

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Explanatory note

(This note is not part of the Rules)

EXPLANATORY NOTE

The main features of building society special administration are that:

(a) it is used where part of the business of a building society is sold to a commercial purchaser or transferred to a bridge bank in accordance with section 12 of the Banking Act 2009;

(b) the court appoints a building society special administrator on the application of the Bank of England;

(c) the special administrator ensures that the non-sold or non-transferred part of the building society provides services or facilities to enable the commercial purchaser or bridge bank to operate effectively;

(d) the special administrator has two objectives (Objective 1 – supporting the private purchaser or bridge bank; and Objective 2 – “normal administration”); and

(e) in other respects the process is the same as for normal administration under the Insolvency Act 1986, subject to specified modifications.

Part 2 of the Rules sets out provisions about applications for building society special administration.

Part 3 of the Rules sets out provisions about the special administration process.

Part 4 of the Rules sets out provisions about court procedure and practice in connection with special administration.

Part 5 of the Rules applies specified provisions of the Insolvency Rules 1986 for general purposes in connection with special administration, subject to a number of general and specific modifications.

An Impact Assessment relating to the rules for building society insolvency and special administration has been prepared and may be obtained from the Financial Regulatory Strategy Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk).

Footnotes

1986 c. 45; section 411 is amended by section 160 of the Banking Act 2009 and by the Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805).

S.I. 2009/805.

S.I. 2009/805. S.I.2009/805 was amended by S.I.2010/1189.

1986 c. 53.

Section 90C was inserted, and section 119(1) amended, by S.I. 2009/805.

2009 c.1.

In the application of Parts 2 and 3 of the Banking Act 2009 to building societies, references to “bank” (with certain exceptions) have effect as references to “building society”: see section 90C(2) of the Building Societies Act 1986, inserted by S.I. 2009/805.

Section 90C was inserted by S.I. 2009/805, which also modifies the application of Part 3 in relation to building societies. S.I.2009/805 was modified by S.I.2010/1189.

S.I. 1986/1925 as amended by S.I. 1987/1919, 1989/397, 1991/495, 1993/602, 1995/586, 1999/359, 1999/1022, 2001/763, 2002/1307, 2002/2712, 2004/584, 2004/1070, 2005/527, 2006/1272, 2007/1974, 2008/737, 2009/642 and 2009/2472.

S.I. 2009/2472. Later amendments to the Insolvency Rules 1986 were made by S.I.2010/686 and S.I. 2010/734.

2000 c. 8.

S.I. 1998/3132.

Section 90D was inserted by S.I. 2009/805.

S.I. 2009/805 modifies the application of section 154.

Paragraph 49 of Schedule B1 was amended by S.I. 2008/948.

Section 176A was inserted by section 252 of the Enterprise Act 2002 (c.40).

S.I. 2009/805, as amended by S.I .2010/1189, modifies the application of paragraph 79 of Schedule B1.

2008 c.8.

Paragraph 32A of S.I. 2009/805, inserted by S.I. 2010/1189, modifies the application of section 153 of the Banking Act 2009.

S.I. 2009/805, as amended by S.I. 2010/1189, modifies the application of paragraph 79 of Schedule B1.

S.I. 2009/805 modifies the application of paragraph 65 of Schedule B1.

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